Car insurance is required in many states for cars and drivers. However, what happens when you cannot pay for your car insurance? The good news is that there are options out there for the emergency cash to pay for car insurance.
Reviewing your car insurance policy, switching auto insurance policies, looking into assistance programs, and emergency loan options, can all help you make ends meet when your emergency fund won’t cut it.
Below you’ll find out more information on the emergency cash options available for making your monthly car insurance payment.
Examining Your Policy, The Cars That You Drive, and Your Car Insurance Provider
One option that can be helpful to figure out how you can save on your monthly car insurance payment is to take a look at your policy, the cars, and drivers that you have insured, and finally your car insurance provider. Here is how:
It may be helpful to talk to your insurance provider about lower coverage policies to save on your monthly payment. Also, it may be helpful to ask about discounts, which many insurance companies provide which can help lower insurance premiums. For example, there may be a good student discount, discounts for good credit, lower premiums when insuring more than one vehicle, discounts for safety packages on a vehicle, or discounts for safe drivers (just to name a few).
The Cars and Drivers Covered
The car that you drive, and the number of drivers on your insurance will influence the price of your monthly insurance policy. And so it may be a good idea to reevaluate and shift things to make things more affordable and help you save some extra cash.
Different Insurance Companies
If your insurance coverage seems like it is expensive, or simply doesn’t fit your budget, then it may be a good idea to switch to a different insurance company. Ask about the coverage, deductibles, and what your monthly payment will look at, and if it makes sense for your personal finances, a switch may make your car insurance affordable again.
Get All Your Insurance from the Same Insurance Company
Oftentimes, when car insurance is bundled up with other types of insurance such as homeowner’s insurance, or life insurance, the lender can offer some type of discount or better rates. It is definitely worth looking into when trying to lower the cost of car insurance. This especially true if a person needs more than one type of insurance in the first place.
Assistance Programs with Emergency Cash to Pay for Car Insurance
If you are facing a job loss or another kind of emergency–you may be able to get assistance to pay your monthly bills, a few months of expenses. Below are a few options you may want to look into:
· Unemployment—if you are facing job loss or loss of hours due to a layoff, then unemployment can help you take care of monthly expenses. Contact your local office of unemployment to apply and see if you qualify.
· Government Auto Insurance— Government auto insurance is a state-sponsored program that helps lower-income families get car insurance that they legally need to be able to drive their car.
· Temporary Assistance for Needy Families (TANF)—TANF can help low-income families pay for all kinds of living expenses like utilities, car repair, cell phone costs, medical expenses, child care, car payments, and even for car insurance payments.
Loan Options for Emergency Cash to Pay for Car Insurance
A loan may be a great option when looking for a short-term option or when you are facing a financial emergency or an unexpected expense. There are all kinds of loan options out there, some are faster than others, and eligibility requirements will vary from one loan to another. Here are a few loan options that get you enough money you need to pay for your car insurance.
Here are a few loan options to consider for emergency cash:
· Credit Cards —most Americans have a few credit cards that they can use for emergencies. However, for those struggling with credit card debt or those who don’t have the best credit, borrowing from a credit card may not be an option.
· Personal Loans —personal loans can be found through banks, private lenders, or credit unions. In general interest rates for personal loans can be generally low, however, applicants will have to have to have a good credit score.
· Payday Loans —payday loans are a short-term kind of loan, that generally range from a few hundred usually up to a thousand or so. The convenient thing about payday loans is that credit history is not a huge factor when it comes to eligibility. Keep in mind that the interest rates are fairly high, as the loans are usually due in a week or so from borrowing.
· Car Title Loans —car title loans work by using the borrower’s vehicle as collateral, and so, credit history is not a huge factor for determining eligibility. One of the most important part of the title loan process is finding the right lender, and this is where Max Cash Title Loans come in. At Max Cash Title Loans, we work hard to connect people with affordable and flexible car title loan lenders.
Benefits of Using Car Title Loans for Emergency Cash to Pay for Car Insurance
If you think a title loan is a right option in order to get emergency cash to pay for car insurance, begin with our team. Here are a few benefits of working with our team and the lenders that we work with:
· A Fast Process — inquiring with Max Cash Title Loans only takes a few minutes. Rest of the process only takes about an hour. Once approved for a title loan with a lender, the funds can be made available in as little as 24 hours. 1 2 5
· Competitive Interest Rates — all the lenders that we work with offer highly competitive interest rates. 4
· Low Monthly Payments — manageability with repayment is key with any kind of loan service. When searching for lenders through our network, we can try to get you that.4
· Get a Short-Term Loan or a Longer Loan Terms—title loans are typically a year-long. However, there could be a lender offering loan repayment for a few months, or as long as a few years!4 Talk to a loan agent about what kind of loan repayment you are looking for and your financial needs!
Emergency Cash to Pay for Car Insurance NOW
Sometimes your savings account may not suffice for emergencies. When you or a loved one need emergency cash to pay for car insurance, there are options to consider.
Changing your insurance policy or provider can help. For others, financial assistance or a loan could be what they need to make ends meet and find peace of mind. If a title loan seems like the right option for you, then start with Max Cash Title Loans. Begin online now to apply for an online title loan.